AIBAIB Appeals Panel rejected my claim over €1,650 on 3.67% issue

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Registered User

Hi everyone, these threads have been so helpful. Thank you.
A quick question. We asked to be put on a tracker with aib in 2011 (mortgage from 2006 - trackers were available on contract). We were told they were no longer available.

We’ve since received our €1610 and offer of tracker now.
Does anyone know a rough estimate of what the tracker would’ve probably been in 2011 if it were available?

I’m trying to work out what our payments would’ve been but need an estimated interest rate to do so and can’t find anywhere what is the most likely figure.
Thank you.

Founder

If an ordinary lender were offering trackers to new customers they would probably have charged a margin of around 3%.

But that is not the issue for you or anyone else affected by this. The issue is that you should have been put on the prevailing rate in 2011. I would argue that AIB had a prevailing rate and it was the last rate at which they issued trackers which was 1.25% or 1.5% depending on LTV.

Registered User

We got our mortgage in 2006.
Fixed in for 3 years
Asked to go on tracker in 2011. As in contract.
Told tracker was no longer available (have letter still).
On variable rate since then.

Received €1615 from AIB a few months ago. And offer of tracker mortgage at rate which is much higher than what we’re paying now in variable. Spoke to man in our aib branch and even he can’t work out where they got their figures from as they don’t make sense.

Asked for appeals pack. I’m now filling that in. It’s so complicated. Asking for figures etc.

We would like to appeal that we should’ve been given the tracker in 2011 when we asked and would like to be put into a tracker now at his rate, with possible refund of excess money we paid in interest. At one point we were paying 4.5% instead of the estimated 2.10%!!

Registered User

Registered User

Have no faith in the independent review panel.
When we came out of our 3 year fixed rate in 2010 we asked to be put onto a tracker and have a letter from the bank refusing our request stating they’re no longer available.

We just received our letter from the independent review panel saying that although the bank was wrong for this we received no financial lose....we sent in full details of exactly how much more we had paid because of not being allowed a tracker.

Registered User

Yes, AIB tracker redress.
Bank paid us the same compensation as everyone else received but we felt that because we had written proof that they had denied our request for a tracker back in 2010 we would’ve stood a bit of a chance in getting something back.

They have offered us the same tracker as they’ve offered others, which makes no sense (even to AIB mortgage advisers) and isn’t worth it!

Bank just said same as they have to everyone....that they just didn’t offer trackers at that time. Independent panel said in their letter to us that even though the bank was wrong we suffered no financial lose!!??

Registered User

So there is no way to win this as there is no way to prove their calculations are wrong! And they are actually trying to claim that the tracker rate in 2010, if it had been available, would’ve been 7-12%!!!! How is that in any way realistic.

Frequent Poster

Yes, AIB tracker redress.Bank paid us the same compensation as everyone else received but we felt that because we had written proof that they had denied our request for a tracker back in 2010 we would’ve stood a bit of a chance in getting something back.

They have offered us the same tracker as they’ve offered others, which makes no sense (even to AIB mortgage advisers) and isn’t worth it!

Bank just said same as they have to everyone....that they just didn’t offer trackers at that time. Independent panel said in their letter to us that even though the bank was wrong we suffered no financial lose!!??

So they did pay you compensation and the independent panel decided that as a consequence you did not suffer a financial loss. No exactly the way you are presenting it now is it.... and you question their credibility....

Registered User

We asked to be put on a tracker in 2010.
We were refused even though our contract stated that a tracker rate would be available to us.
Using the tracker rates from previous years and estimating what the tracker would realistically have been had it been available in 2010 our accountant has given a rough idea of what we have over paid in mortgage payment as well as calculating what the balance of our mortgage would now be had we been on a tracker and the total is substantially more than the pathetic €1000 ‘compensation’ we have been given.

Registered User

I don’t remember the figures and can’t be bothered to look them all up again but the estimate was based on the variable and fixed rates that we were offered in 2010.

Tracker rates were always lower than fixed or variable, so how the bank can claim that after 2008 they would have been massively higher doesn’t make sense.
also, the banks prevailing rate on trackers, previously to 2008, was generally around the same figure but we’re supposed to believe that would’ve jumped but 5/6%.

I don’t work in a bank, I’m not an accountant, I don’t know all the legal jargon. I’m just someone on the other side of a mortgage who feels that during a crisis that was caused by banks I was exploited to pay more money that I should’ve. The banks chose to change the rules but if I had not kept to my side of the deal my home would’ve been take off of me.